# Tangible vs. Intangible Investment Decomposition

| Variable | M1: Z→I/Y | M2: Z→Intangible | M3: Z→Tangible | M4: Z→K/L |
|:---|---:|---:|---:|---:|
| Z_1 | 39.2379*** | -85.9951** | 45.8123 | 0.0658 |
| | (13.7585) | (34.7105) | (34.0210) | (0.0442) |
| Z_2 | -4.3562** | 9.9185** | -6.1341 | -0.0030 |
| | (2.0594) | (4.4880) | (4.3521) | (0.0067) |
| Z_3 | 0.1334 | -0.3412** | 0.2266 | 0.0001 |
| | (0.0838) | (0.1636) | (0.1585) | (0.0003) |
| fiscal_bal_gdp | -0.0497** | 0.2240*** | 0.0396 | -0.0002*** |
| | (0.0208) | (0.0698) | (0.0536) | (0.0000) |
| nfa_gdp_lag | 0.2132 | -2.6573*** | 1.2102 | -0.0008** |
| | (0.1736) | (0.7213) | (0.7580) | (0.0004) |
| rgdp_growth | 0.0940*** | -0.1201** | 0.1248*** | -0.0001*** |
| | (0.0130) | (0.0497) | (0.0331) | (0.0000) |
| log_rel_opw | -0.5925 | 7.1855*** | -5.2999*** | 0.0210*** |
| | (0.4721) | (1.3561) | (1.4709) | (0.0015) |
| kaopen | -0.1084 | -0.0639 | 0.1037 | 0.0017*** |
| | (0.1694) | (0.6069) | (0.5830) | (0.0004) |
|:---|---:|---:|---:|---:|
| N | 3917 | 247 | 250 | 4509 |
| R² | 0.1098 | 0.6439 | 0.4352 | 0.4819 |
| Countries | 150 | 25 | 25 | 163 |

*Panel GLS with AR(1) correction. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*